Emergency Tax Length, if at all?

[mph1977]

Eric Mc said:

Strachan said:

Eric Mc said:

747L is the standard code for 2010/11.

What code were you on with the previous employer?

Ok, I hope it works out then...we shall see. Will call the tax office later.
Think my code was 147L

147L means that HMRC were not giving you £6,000 of Personal Tax Allowances you would normally have been entitled to. Why would that be?

being shafted on BiKs probably ...

[Jimslips]

mph1977 said:

being shafted on BiKs probably ...

BiKs?

[GroundEffect]

I'm having the same issue - my P45 is still a week away (according to my previous employer). I got my first pay with a 0T code and I wasn't happy.

[Eric Mc]

Jimslips said:

mph1977 said:

being shafted on BiKs probably ...

BiKs?

Shorthand for taxable Benefit in Kind - such as an employer provided company car, or health insurance paid by the firm.

If your tax code was reduced from 747L to 147L, this means that your personal tax allowance for the year has been reduced from £7,475 to £1,745. This could be because your employer is providing you with an substantial Benefit in Kind.
Or it could be HMRC trying to collect arrears of underpaid taxes from previous years./
Or it could be a combination of both.

Whatever the reason, you should be fully aware as to why your allowances are so low.

[Jimslips]

Totally wrong. My code is 747L M1.
For some reason my "Gross pay for TD is £315 higher on my payslip than http://www.thesalarycalculator.co.uk/
I paid 10 pound less NI than the site says too.

This tells me it is an emergency code: http://www.hmrc.gov.uk/incometax/emergency-code.ht...

[Eric Mc]

You need to find out why you have been put on an "M1" type code. M1 stands for "Month 1".

[Jimslips]

Eric Mc said:

You need to find out why you have been put on an "M1" type code. M1 stands for "Month 1".

According to the site:

Depending on how it's worked out, you might also see '747L W1' or 747L M1' (meaning 'Week 1' or 'Month 1' - whereby you get a proportion of the Personal Allowance over the remainder of the tax year).